Flowers Foods (FLO) FY2021 results: revenue $4.3 billion, down 1.3% on the year

Flowers Foods Inc. (FLO) reported revenue of $4.3 billion for fiscal 2021, the year ended 1 January 2022, down 1.3% on the year before. Net income was $206 million, up 35.4%, and diluted earnings per share $0.97. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$4.3 billion

-1.3% on the year

FY2014FY2021

Operating margin

6.8%

7.3% a year earlier

FY2014FY2021

Net income

$206 million

+35.4% on the year

FY2014FY2021

Diluted EPS

$0.97

+34.7% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	4,331	4,388	4,124	-1.3%
Cost of revenue	2,175	2,196	2,156	-1.0%
Gross profit	2,156	2,192	1,968	-1.7%
Gross margin	49.8%	50.0%	47.7%
Research and development	5.6	4.0	4.3	+40.0%
Selling, general and administrative	1,720	1,693	1,575	+1.6%
Operating income	295	321	225	-8.3%
Operating margin	6.8%	7.3%	5.5%
Interest expense	31.5	38.8	38.8	-18.7%
Pre-tax income	271	201	212	+34.9%
Income tax	64.6	48.4	47.5	+33.5%
Effective tax rate	23.9%	24.1%	22.4%
Net income	206	152	165	+35.4%
Net margin	4.8%	3.5%	4.0%
Diluted EPS	$0.97	$0.72	$0.78	+34.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	345	454	367	-24.2%
Capital expenditure	136	97.9	104	+38.8%
Free cash flow	209	357	263	-41.5%
Free cash flow margin	4.8%	8.1%	6.4%
Cash from investing	-191	-74.0	-97.1
Cash from financing	-275	-84.0	-284
Depreciation and amortisation	137	141	144	-3.4%
Share-based compensation	21.3	12.9	7.4	+66.0%
Buybacks	9.5	0.8	7.1	+1,114.6%
Dividends paid	176	167	160	+5.2%
Dividend per share	$0.83	$0.79	$0.75	+5.1%
Diluted shares, weighted	213m	212m	212m	+0.3%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,411	1,373	1,263	+2.8%
Debt	1,143	1,254	1,210	-8.8%
Operating lease liabilities	251	290	324	-13.7%
Finance lease liabilities	1.9	3.6	19.4	-46.8%
Other liabilities	446	402	361	+11.0%
Total liabilities and equity	3,253	3,323	3,178	-2.1%
Fixed assets	799	699	718	+14.2%
Goodwill	545	545	545	0.0%
Intangible assets	695	715	750	-2.7%
Cash and equivalents	186	307	11.0	-39.5%
Inventory	135	125	127	+7.8%
Other assets	893	931	1,026	-4.1%
Total assets	3,253	3,323	3,178	-2.1%

10-K for the year ended 1 January 2022, filed 23 February 2022: the filing.